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GBP/JPY

GBP/JPY moves into positive territory
In what transpiredas a nearly 30 pip fall, the GBP/JPY retraced back to its opening levels,settling at 150.75 at the time of writing.
The pair will encounter supports at150.15, then 149.65, and finally 149.30.Alternatively, a break above 150.95 will open resistances at 151.50 and 151.90.GBP/JPY could face drop towards 147.65

The GBP/JPY declined strongly to break the151.90 and 151.35 levels, approaching the upside channel's support that carriesthe short term trading. Now, the positive overview was stopped, and we wait,Monitoring the price behavior when reaching thesupport line at 149.30, as breaking it will open the way for more declinetowards 147.65.

GBP/JPY (4 Hours) - July 10th ,2013

Currently the currency pair is close to the upward trend line and the lowest Bollinger band. The narrowing bands are indicating an upcoming movement and in addition to that the pair is trading in a triangle which might forecast a bullish trend. But the MACD is still bearish so we have to wait the next days and observe the development of the pair.

We notice the stability of the moving average as a support line against the pair as expected, to form bullish wave by reaching 150.80 since morning, and we expect the price to be affected by the bullish bias in the near term to reach 151.80 as a first target, followed by 152.50

Stochastic breaches 50 level to provide the required positive momentum to renew the positivity in the upcoming period.

GBP/JPY (4 Hours) - 17 July ,2013

Currently, the currency pair is close to the upward trend line and is approaching the nextresistance level around 151.13. In addition, the pair is trading in a triangle which might forecast a bullish trend. But the DeMarker is still bearish so we have to wait the next days and observe the development of the pair.

The pair still trades in sideways range above the neckline of the double bottom pattern, to keep the positive overview to reach the initial target at 154.40, while the pair needs a strong motive to leave the intraday sideways range, and we notice that stochastic settles below the overbought area attempting to get the required momentum.

We remind you again with the importance of holding above the main support 152.00 to support the domination of the bullish bias in the upcoming period.

GBP/JPY (4 Hours) - 31 July 2013

As you can see the currency pair dropped along the lowest Bollinger band from a seven week high around 153.95 and has now touched the support level around 149.24. Based on the oversold Demarker the current support level might bring the bears to a halt.